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Automotive Industry: Difference between revisions
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[[Overview over the global Automotive Industry]] | [[Overview over the global Automotive Industry]] | ||
== Sales Outlook == | |||
=== S&P Global forecast (October 9, 2023) === | |||
* S&P Global forecasts that global light vehicle sales will grow by 5%-7% to 82.9 million-84.4 million vehicles in 2023 (revised up from 81.3 million-82.9 million units) and by 1%-3% year-over-year in 2024 (revised down from 3-5%)<ref>https://www.spglobal.com/ratings/en/research/articles/231009-global-auto-sales-forecasts-the-pricing-party-is-coming-to-an-end-12869539</ref>.[[File:Global light vehicles.png|left|thumb|583x583px]] | |||
* The revised forecast for 2023 is due to surge in sales due to pent-up demand associated with easing supply chain issues. | |||
* 2024-2025 sales forecasts has been revised down due to sales in China that is back to pre-pandemic levels and expectations that North-America and Europe will not go back to the pre-pandemic levels even by 2025. | |||
=== J.D Power forecast (September 28, 2023) === | |||
* According to J.D Power, global light vehicle sales is projected to grow by 8% year-over-year to 87.9 million units in 2023 (revised up from 86.8 million units or +6.6% y/y) and by 4.2% year-over-year to 91.6 million units in 2024 (revised up from 90.2 million units or +3.9% y/y)<ref>https://www.jdpower.com/sites/default/files/file/2023-09/2023125%20September%20Forecast.pdf</ref>. | |||
* The forecast has been raised mainly due to the current price wars in China that would likely increase demand. | |||
* J.D Power is an American data analytics, consumer intelligence, and software company that was founded in 1968. | |||
== Production == | == Production == | ||